When disaster strikes, the last thing anyone needs is financial stress piling on top of everything else. That’s why Hawaii State Federal Credit Union isn’t wasting any time—they’ve rolled out their Emergency Member Relief Program to help folks dealing with the aftermath of Hurricane Lala.
Andrew Rosen, the credit union’s president and CEO, put it simply: “Hurricane Lala has created significant challenges for families across our state, and we want our members to know that we are here to support them during this difficult time.” He added that financial worries shouldn’t make an already tough situation worse, which is exactly why the program exists—to give members breathing room and actual resources while they pick up the pieces.
So what does this relief program actually look like? Here’s the breakdown of what qualifying members can tap into:
Emergency Assistance Loans
Members can access up to $5,000 through emergency loans that come with some genuinely helpful terms. You won’t need to make any payments for the first three months, and there’s no prepayment penalty if you’re able to pay it off early. It’s designed to give you financial flexibility right when you need it most.
Loan Payment Deferrals
Already have a loan with Hawaii State FCU? You might be able to defer payments for one to three months on eligible consumer loans. A few things to keep in mind: interest keeps adding up during the deferral period, your loan term gets extended, and you’ll end up with a balloon payment at the end. Mortgages, home equity lines of credit, and revolving credit accounts have different deferral options, so it’s worth calling to get the specifics for your situation.
Penalty-Free Withdrawals from Term Share Accounts
Need to tap into your savings? Members can make early withdrawals from their term share accounts without getting hit with the usual penalty fees. Sometimes you need access to your own money without jumping through hoops, and this program recognizes that.
The bottom line: Hawaii State FCU is doing what credit unions do best—showing up for their community when it matters. If you’re a member dealing with Hurricane Lala’s impact, reach out to find out what relief options might work for your situation.